Money & Company

Tracking the market and economic trends
that shape your finances.

« Previous Post | Money & Company Home | Next Post »

Southern California home sales increase in November with low prices

December 13, 2011 |  9:55 am

Home prices in the nation's largest cities fell from August to September, according to Standard & Poor's/Case-Shiller index of 20 American cities

Low prices for starter homes spurred some bargain hunting among home shoppers in Southern California last month, sending sales up slightly over last year. But higher-priced neighborhoods did not fare as well.

Overall, November sales were up 0.3% from October and 4.3% from November 2010 with 16,884 homes bought across the region, according to real estate research firm DataQuick of San Diego. Sales of newly built homes continued to suffer, declining 15.2% from the same period a year earlier, falling to the lowest level on record for a November.

The median home price for the region was $275,000 in November, up 1.9% from October but down 4.2% from November. The median is the price at which half the homes sold for more and half for less. It is heavily influenced by changes in the type of homes selling.

Short sales and foreclosures accounted for 51.3% of the market last month, DataQuick said.


Banks' foreclosure activity picks up

Many Americans say they will have to work until they're 80

Victims of improper foreclosure practices can submit claims

-- Alejandro Lazo

Photo: A sign showing a property for sale. Credit: Images_of_Money via Flickr